In a co-brokerage assignment with Urban Properties, The McEnery Company listed and sold this property in July of 2020. The sale was a complex transaction in a fluid state of the credit markets, with owner-financing ultimately being the funding source for the sale. Gordon McLeod was The McEnery Company listing agent, and Parke McEnery represented the buyer.
Located in the Bywater area of New Orleans, this 57,356 SF historic school building is ripe for redevelopment. The 80,640 SF site offers the rare amenity of three (3) street frontages, running the width of the 1300 block of Clouet Street, between Urquhart and N. Villere Streets, and providing space for ample off-street parking, amenities, and the possibility of new construction to pair with the redevelopment of the historic school building.
Architectural plans for a 50 unit planned development, Civil Engineering Plans for Storm Water Management System, Structural Engineering Report, Title Insurance, and Environmental Phase 1 are available upon request and can be transferred to buyer. The 900 SF caretaker’s cottage has been fully renovated, the costs for which can be added to the total qualified rehabilitation expenditures (“QREs”) for the property.
The base zoning is HU-RM2 Multi-Family Residential District. However, there is an approved planned development for 50 residential units. The property is eligible for Federal and State Historic Tax Credits with an approved Part 1 and Part 2, which provide a 40% credit for qualified rehabilitation expenditures to offset rehabilitation costs. There is additional funding available from the City of New Orleans, the Finance Authority of New Orleans, and the Louisiana Housing Corporation, including Tax-Exempt Bonds, Payment In Lieu Of Taxes (PILOT), and Low income Housing Tax Credits (LIHTC), including the 30% subsidy, commonly called the “automatic 4% tax credit,” for substantial rehabilitation that can also be used for the acquisition cost of existing buildings.
Located just two blocks off of St. Claude Ave, the site is walking distance to notable eateries and also near other popular spots such as Satsuma Cafe, Bacchanal and more.